prsa for 33 year old

Hi,

I've searched a few threads before posting this. Could anyone give some advice for a 33 year old male with no pension, earning between 40 and 50 k per year. What is the best PRSA product? How much should one put in each month? In relation to PRSA's, if the pension holder dies if there a lump sum benefit payout to a spouse/partner?

Any info would be greatly appreciated!

Hi AJ

Your best bet would probably be a 0% contribution charge 1% fund management charge PRSA.

The best provider - i.e. insurance company - to use would be a matter of taste.

You would often have to pay a set-up charge (approx 100 to 300 euro) to set-up the pension.

A suitable contribution for someone your age would be about 15% of salary - but it all comes down to personal circumstances...

If a PRSA holder dies before retirement the value of the fund becomes part of his/her estate.

A PRSA may not always be the best option. Personal Pensions and Executive Pensions may be appropriate and may have lower charges in certain circumstances.

Thanks for the advice guys. It's for my boyfriend but there's no way he could afford 15 % of his wages, we haven't even bought a house yet!

Might be an idea to forget about the pension for the moment and concentrate on buying a house if that's the plan. Once that's done pension savings can be revisited.